Metals COT Report: gold, silver, copper and more
7 metals markets · CFTC Legacy, Futures Only · report of Nov 3, 2026Released · positions as of
In the metals COT report of Nov 3, 2026, large speculators (Non-Commercial) were net long in 5 of the 7 metals markets in that report (Gold, Silver, Steel HRC, Copper, and Platinum) and net short in 2 (Palladium and Aluminum MW Premium). Relative to open interest, their largest net position was in Gold (net long 179,548 contracts, 45.0% of open interest) and their largest weekly move in Palladium, where the net grew by 2,462 contracts.
Metals COT data by market
COT Premium: switch these positions to Futures & Options Combined.
| Non-Commercial (Large Speculators) | Commercial (Hedgers)Hedging, not price speculation. Hedgers (producers, processors, merchants and, in the Legacy report, swap dealers) use futures to offset the price risk of their business or of their clients’ trades. Their net short or net long is mostly that offsetting, not a view on where the price is going. | ||||||
|---|---|---|---|---|---|---|---|
| Market | Net Positions | Weekly Change | % of OI | Net Positions | Open Interest | Table | Chart |
| Gold COT Report | NET LONG+179,548 | -6,903 | +45.0% | NET SHORT-204,902 | 399,169+2,359 | Table | Chart |
| Copper COT Report | NET LONG+37,710 | -10,607 | +11.5% | NET SHORT-41,923 | 327,850-9,169 | Table | Chart |
| Silver COT Report | NET LONG+21,251 | +1,548 | +18.4% | NET SHORT-34,756 | 115,583-643 | Table | Chart |
| Platinum COT Report | NET LONG+6,665 | -2,629 | +7.3% | NET SHORT-9,256 | 91,278+8,049 | Table | Chart |
| Steel HRC COT Report | NET LONG+4,793 | -807 | +12.0% | NET SHORT-5,153 | 40,013-4,060 | Table | Chart |
| Aluminum MW Premium COT Report | NET SHORT-1,409 | -380 | -4.9% | NET LONG+1,682 | 28,833-1,784 | Table | Chart |
| Palladium COT Report | NET SHORT-12,303 | -2,462 | -40.1% | NET LONG+11,248 | 30,676+3,601 | Table | Chart |
Source: the CFTC’s Legacy Commitments of Traders report, Futures Only. Large speculators = Non-Commercial, hedgers = Commercial. Each market is read from its own latest report, and contracts are never added up across markets, because every contract has its own size. The Disaggregated report splits the same traders into four groups, so the Non-Commercial net here and the net of the money managers can differ, even by side.
These are the 7 metals markets. The full list of 350+ markets:COT Report Simplified
Metals COT report of Nov 3, 2026: what changed
Largest weekly moves
Large speculators’ net change relative to open interest
The largest weekly move relative to open interest was in Palladium: the large speculators’ net short position grew by 2,462 contracts (8.0% of open interest). Palladium: large speculators held their largest net short position since Aug 6, 2024. Commercials (hedgers) were net short in 5 of the 7 markets. Hedgers (producers, processors, merchants and, in the Legacy report, swap dealers) use futures to offset the price risk of their business or of their clients’ trades. Their net short or net long is mostly that offsetting, not a view on where the price is going.
More COT Report Formats
What the Metals COT report covers
Metals futures cover two different businesses. Gold, silver, platinum and palladium are precious metals: investors and central banks hold gold as a store of value, while jewellers, electronics makers and car makers, who need platinum and palladium for catalytic converters, consume them. Copper, hot-rolled coil steel and the aluminium Midwest premium are industrial contracts, tied to construction, power networks and manufacturing; the aluminium contract prices the regional premium paid on top of the world metal price, not the metal itself. Gold, silver, copper, steel and the aluminium premium trade on COMEX, platinum and palladium on NYMEX, both exchanges of the CME Group.
The Commercials of a metal market are the companies that handle the physical metal: miners hedging future output, refiners, fabricators, bullion banks and merchants. In the Legacy report the swap dealers sit with them, since they offset in futures the price exposure they take on with clients. Every contract has a long and a short side, so the nets of the three groups add up to zero: a big net long among the large speculators is matched by net shorts elsewhere, most often among the Commercials. The Non-Commercial group gathers hedge funds, commodity trading advisers and other large traders with no metal business to hedge.
This page reads the Legacy report, Futures Only, with the same two large-trader groups for every metal. Its tables are free: every visitor sees the last 6 months, and a free account opens up to 10 years. The Disaggregated report goes further for the same markets, separating producers and merchants from swap dealers, and money managers from other reportables. On this site the Disaggregated tables are part of Premium.
Go deeper
Disaggregated Futures & Options Combined COT Premium: producers and merchants, swap dealers and money managersHow to Read COT ReportsFree: what every column means, net positions and a quick FAQCOT IndexFree: the net position as a 0-100 oscillator over several lookback windowsCOT Data ChartsFree: positions against price and open interest, with years of historyMetals COT report: common questions
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Are large speculators long or short metals futures this week?
In the metals COT report of Nov 3, 2026, large speculators (Non-Commercial) were net long in 5 of the 7 metals markets in that report (Gold, Silver, Steel HRC, Copper, and Platinum) and net short in 2 (Palladium and Aluminum MW Premium).
Which market holds the largest net long and the largest net short position of large speculators in metals futures?
In the COT report of Nov 3, 2026, the largest net long position of the large speculators (Non-Commercial) was in Gold: 179,548 contracts, 45.0% of open interest. It is their smallest net long position since Jun 9, 2026. The largest net short position was in Palladium: 12,303 contracts, 40.1% of open interest. It is their largest net short position since Aug 6, 2024. The comparison uses each market’s share of its own open interest, because contract sizes differ from one market to another.
Which market had the largest weekly change in metals futures this week?
The largest weekly move relative to open interest was in Palladium: the large speculators’ net short position grew by 2,462 contracts (8.0% of open interest). The weekly change compares the COT report of Nov 3, 2026 with the report of the week before, measured against each market’s own open interest.
In how many metals futures markets are the Commercials (hedgers) net short this week?
In the COT report of Nov 3, 2026, Commercials (hedgers) were net short in 5 of the 7 markets. Hedgers (producers, processors, merchants and, in the Legacy report, swap dealers) use futures to offset the price risk of their business or of their clients’ trades. Their net short or net long is mostly that offsetting, not a view on where the price is going.
Which COT report covers metals futures?
This page uses the CFTC’s Legacy report (Futures Only), free for every visitor: it splits each market into large speculators (Non-Commercial), hedgers (Commercial) and small traders (Non-Reportable). For metals futures the CFTC also publishes the Disaggregated report, which splits the same traders into producers and merchants, swap dealers, money managers and other reportables. On this site the Disaggregated tables are part of Premium.
Who are the Commercials and the Non-Commercials in metals futures?
The Commercials of a metal market are the companies that handle the physical metal: miners hedging future output, refiners, fabricators, bullion banks and merchants. In the Legacy report the swap dealers sit with them, since they offset in futures the price exposure they take on with clients. Every contract has a long and a short side, so the nets of the three groups add up to zero: a big net long among the large speculators is matched by net shorts elsewhere, most often among the Commercials. The Non-Commercial group gathers hedge funds, commodity trading advisers and other large traders with no metal business to hedge.
When does the next COT report for metals futures come out?
The CFTC publishes the COT report every Friday at 3:30 PM Eastern Time, with the positions held at the close of the Tuesday of the same week. When a US federal holiday falls on the Wednesday, Thursday or Friday of that week, the release moves to the next business day, usually the Monday after; a Monday holiday does not delay it.
Where can I see the COT history of metals futures for free?
Every market on this page links to its COT table (Legacy report, Futures Only), where every visitor sees the last 6 months (26 weekly reports); a free account opens up to 10 years. Each market’s COT chart shows up to 10 years of weekly positions to everyone, no account needed.
Where can I find the metals COT report?
Right here: this page is the metals COT report of COT-Reports.com, free for every visitor. It covers the 7 metals markets the CFTC reports every week (Gold, Copper, Silver, Platinum, Steel HRC, Aluminum MW Premium, and Palladium), with the net positions of the large speculators (Non-Commercial) and the hedgers (Commercial) from the latest Legacy report (Futures Only), refreshed with every weekly CFTC release. In the table, each market’s name opens its own COT report page, such as the Gold COT report.